Governor Babajide Sanwo-Olu has presented the 2026 budget estimates of N4.2 trillion to the Lagos State House of Assembly.
Christened “The Budget of Shared Prosperity”, the estimate was presented to the lawmakers today, Tuesday, November 25, 2025.
The N4.2 trillion budget estimate is made up of N2.2 trillion, representing 52% for capital projects and N2 trillion, representing 48% for recurrent expenditure.
Further breakdown of the budget estimate showed that N249 billion was allocated to education, health, N338billion, environment, N235billiin and economic affairs, N1.47 trillion (infrastructure, agric etc ).
The sectoral allocations also showed that N123 billion is allocated to housing, public order and safety, N147billion, social protection, N70 billion and recreation , N54 billion
Sanwo-olu had before unveiling the 2026 budget estimate reviewed the 2025 budget , putting its achievement at 81 % as at September 30th 2025.
He stated that the 2026 Budget of Shared Prosperity will be anchored on four strategic pillars, aligned with the evolved T.H.E.M.E.S+ Agenda and the Parastatal Monitoring Framework.
Sanwo-olu listed the four strategic pillars as healthcare, education, transportation, security, and good governance.
Responding, Speaker of the Lagos State House of Assembly, Rt. Hon. Dr. Mudashiru Ajayi Obasa has described the 2026 Appropriation Bill as fundamental to sustaining Lagos’ position as Africa’s leading economic hub.
Speaker Obasa said this during the presentation of the Appropriation Bill by Governor Babajide Sanwo-Olu, Tuesday, at the Assembly chamber with state executives, traditional rulers, political and party leaders, Captains of industries, and members of the Diplomatic Corps present.
While appreciating the governor and his team for ‘crafting a comprehensive budget that aligns with Lagos’ aspirations for growth and development’, the Speaker also extolled him for his astuteness, courage, forthrightness, and determined spirit toward a greater Lagos
“You (Governor Sanwo-Olu) have maintained a track record of resourceful consistency, steering our state through economic challenges while driving infrastructure development.
“Not quite long ago, you brought E1 Racing Championship to Lagos, thereby making Lagos the first African City to host such a tournament,” Obasa said.
Speaker Obasa also acknowledged the Assembly’s role in supporting the executive’s initiatives by enacting laws that enhance the quality of life of residents, particularly in the areas of socio-economic growth, local government reform, and institutional development.
He cited the approval of a ₦125 billion bond and the Smart Solar All-in-One Streetlight Project as one such collaboration between the legislature and the executive that continues to set the state apart.
Similarly, the Speaker lauded the Renewed Hope Agenda of President Bola Ahmed Tinubu, under whom he said, “Nigeria has made significant strides in infrastructure, including roads, bridges, and power projects, aimed at unlocking the country’s economic potential. Notably, the naira has also shown appreciation against major currencies, reflecting improved economic confidence and stability.”
He said that the IMF’s confirmation that Nigeria has cleared all its debt obligations underscores the success of President Tinubu’s prudent fiscal management and far-reaching economic reforms.
In another major win, he continued, “The Financial Action Task Force (FATF) has officially delisted Nigeria from its ‘grey list’, acknowledging our strengthened frameworks against money laundering and terrorism financing.”
The Speaker also commended the First Lady, Senator Oluremi Tinubu, for her invaluable support of Mr President’s administration through her Renewed Hope Initiative, which focuses on women’s economic empowerment by granting financial aid to women in all 36 states of the federation, including the FCT, to help them start or expand small businesses.
Mrs Tinubu’s Menstrual Hygiene Initiative, according to the Speaker, is already a laudable one with the distribution of sanitary pads to school girls nationwide to ensure that they do not miss school due to their menstrual cycle.
“Also, her dedication to education, which spurred a major fundraising initiative of Oluremi@65 Education Fund that led to the completion of National Library Headquarters in Abuja is indeed commendable.
“You will all recall that she appealed to whosoever wishes to donate to the project to do so rather than giving her birthday gifts,” the Speaker averred.
(vitalnewsngr.com)
